Market Recap – October 30th
On Monday’s trading day, markets retraced some of the previous week’s losses as investors anticipate big news from the Federal Reserve’s meeting on Wednesday. For October, all major averages seem to be headed for a monthly loss despite the aggregate of corporate earnings depicting strong growth. For the main indices, the S&P 500 rose 1.20%, the NASDAQ Composite went up 1.16%, and the Dow Jones grew 1.58%. Two stocks to defy the main indices and slip in the red were EV leader Tesla and chipmaker ON Semiconductor. Shares of Tesla fell 4.79% after investors added uncertainty from production warnings by its battery cell supplier Panasonic. Popular American chipmaker ON Semiconductor had its stock plummet 21.77% after the current quarter’s guidance stole the show from its recent earnings beat, with investors fearing corrupted margins for the firm.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.